brp-038 ty crandall

Better Relationship Podcast Episode #038

Business, Money & Marriage w/ Ty  Crandall

Show Notes: (by R. Pumphrey)

Ty Crandall, of Credit Suite, believes you can build successful business without risking your marriage and finances.  Ty is a credit expert who  went from losing it ‘all’ to being the CEO of a highly successful business helping others build up their credit.  Ty shares how setting financial boundaries will improve your business and your marriage, plus some real-life advice for business owners on using credit effectively.

Tys Bio

  • That loss and what he learned drives his passion.
  • When the mortgage industry collapsed, he and his wife lost everything.
  • When Ty started his first business, he personally guaranteed everything.
  • An even larger percentage are using their own personal credit.
  • 74% of entrepreneurs are using ‘friends and family’ money to finance their business.

Why He’s So Passionate About Business Credit

  • One of the leading causes of divorce is financial conflict and then business loss is the end result.
  • Many people don’t even think failure is an option as an entrepreneur and they’re not prepared.
  • Unfortunately, it can be just the opposite, because credit card debt is toxic.
  • Entrepreneurs tend to justify high debt by believing they are on the road to achieving more for their family.
  • Often, entrepreneurs get in ‘over their heads’ because of unexpected circumstances.
  • A large part of Ty’s work is helping entrepreneurs build credit profiles and scores.

Ty’s Insights-Financial Conflict in Couples

  • This isn’t often a focus because we never take classes in improving relationships, only business.
  • Ty admits he needs to make more efforts to focus on his family and marriage.
  • Ty realizes he often applies what he learns to his business first and not his family.
  • Ty is ‘obsessed’ with learning and self-improvement and setting goals.

Room for Improvement

  •  A strategy Ty uses is specifically scheduling time to ‘think’ about or work on business.
  • You can still achieve success while creating boundaries and committing to them.
  • Today, he realizes he doesn’t need to work 24-7 to be successful.
  • When you’re always ‘on’ about work, it’s easier to get frustrated and take it out on your family.
  • Ty realized, especially with his prior mortgage business, that too much time spent on work was damaging him and his marriage.
  • Oftentimes, the children would take priority because it’s easier to compromise with his wife.
  • The business is always in the back of his mind.
  • Ty admits it is always a struggle for time to be an entrepreneur with a family.

Challenges of Being an Entre-Spouse

  • Ty and his wife have been married 14 years and have 2 small children, a boy and a girl.
  • Ty hosts the business podcast The Business Credit and Finance Show.
  • Ty is a frequent contributor to several media outlets, including Entrepreneur and Inc.
  • With 16+ years of financial experience, Ty is widely recognized as an authority in business credit building, scoring, and repair.
  • He is the author of 2 popular books, Perfect Credit and Business Credit Decoded.
  • Ty is an internationally known speaker and author as well as the CEO of Credit Suite
  • There is an option to build business credit without taking on personal liability.

Steps to Getting Business Credit-Let’s Get Practical

  • Make sure your business is set up credibly and legitimately.
  • Apply for credit, starting with vendor accounts-don’t go to stores or banks first.
  • Vendor accounts report to the credit agencies and will give you credit when you have none.
  • When you have 5 reporting vendor accounts, start moving into real store credit.
  • When you have 10+total accounts, you can start moving into major credit cards (like Visa).

Addressing Fear of Credit

  • Business credit rates are the same as what you see on the consumer side.
  • Many people believe debt is very bad but it’s different when it comes to business.
  • All of the largest, and most successful companies use OPM-other people’s money.
  • There has to be a mindset shift for both spouses that you’re separating personal liability from the business.
  • It’s an easier conversation to have when you consider the business, not your ‘home’, the asset.

Navigating Realistic Expectations-The Storm Strategy 

  • Entrepreneurs want to go ‘all-in’.  You need to rein back and strategize first.
  • No matter what you do, you need to have the conversation about limits and failure.
  • Take small baby steps, track and test, and be ridiculously conservative.
  • You need to see what works, then optimize it, then maximize it.

Final Thoughts

  • Good communication gives you the best chance to have a successful relationship and business.

Where You Can Find Ty

Susie’s website:       www.susiemiller.com

Susie’s book:         www.listenlearnlovebook.com